Mahood and Murtaz have jobs and contribute to the household expenses according to their income. Mahood contributes 75 percent of the expenses, and Murtaz contributes 25 percent. Currently, their household expenses are $30 000 annually. Mahood and Murtaz have three children. The youngest child is 12, so they would like to ensure that they could maintain their current standard of living for at least the next eight years. They feel that the insurance proceeds could be invested at four percent. In addition to covering the annual expenses, they would like to make sure that each of their children has $25000 available for college. If Mahood was to die, Murtaz would go back to school part time to upgrade her training as a nurse. This would cost $20000. They have a mortgage on their home with a balance of $105000. How much life insurance should they purchase for Mahood?